BoE Holds Bank Rate at 0.25%

The Bank of England voted by six to two to keep the Bank Rate at a record low of 0.25 percent on August 3rd, 2017, as widely expected, saying GDP growth is expected to remain sluggish in the near term as the squeeze on households' real incomes continues to weigh on consumption. Also, the Committee voted unanimously to keep the stock of UK government bond purchases at £435 billion and the stock of sterling non-financial investment-grade corporate bond purchases at £10 billion. Meanwhile, the central bank cut its UK growth forecast for this year to 1.7 percent from an earlier estimate of 1.9 percent, while next year it predicts 1.6 percent growth compared to its previous 1.7 percent forecast.

Excerpts from the BoE Monetary Policy Summary:

The MPC’s overall assessment of the outlook for inflation and activity in the August Inflation Report is broadly similar to that in May. In the MPC’s central forecast, GDP growth remains sluggish in the near term as the squeeze on households’ real incomes continues to weigh on consumption. Growth then picks up to just above its reduced potential rate over the balance of the forecast period. Net trade and business investment firm up, and consumption growth recovers in line with modestly rising household incomes. Net trade is bolstered by strong global growth and the past depreciation of sterling. The combination of high rates of profitability, especially in the export sector, the low cost of capital and limited spare capacity supports investment by UK firms over the forecast period, offsetting the effect of continued uncertainties around Brexit.

CPI inflation rose to 2.6% in June from 2.3% in March, as expected. The MPC expects inflation to rise further in coming months and to peak around 3% in October, as the past depreciation of sterling continues to pass through to consumer prices. Conditional on the current market yield curve, inflation is projected to remain above the MPC’s target throughout the forecast period. This overshoot reflects entirely the effects of the referendum-related falls in sterling. As the effect of rising import prices on inflation diminishes, domestic inflationary pressures gradually pick up over the forecast period. As slack is absorbed, wage growth is projected to recover. In addition, margins in the consumer sector, having been squeezed by the pickup in import prices, are projected to be rebuilt. Consequently, inflation remains at a level slightly above the 2% target.

As in previous Reports, the MPC’s projections are conditioned on the average of a range of possible outcomes for the United Kingdom’s eventual trading relationship with the European Union. The projections also assume that, in the interim, households and companies base their decisions on the expectation of a smooth adjustment to that new trading relationship. Other important judgements include: that the lower level of sterling continues to boost consumer prices broadly as projected, and without adverse consequences for inflation expectations further ahead; that regular pay growth remains modest in the near term but picks up over the forecast period; and that subdued household spending growth is largely balanced by a pickup in other components of demand.

The Committee judges that, given the assumptions underlying its projections including the closure of the drawdown period of the TFS, and allowing for the effects of the recent prudential decisions of the Financial Policy Committee and the Prudential Regulation Authority, some tightening of monetary policy would be required to achieve a sustainable return of inflation to the target. Specifically, if the economy follows a path broadly consistent with the August central projection, then monetary policy could need to be tightened by a somewhat greater extent over the forecast period than the path implied by the yield curve underlying the August projections.

In light of these considerations, six members thought that the current policy stance remained appropriate to balance the demands of the MPC’s remit. Two members considered it appropriate to increase Bank Rate by 25 basis points. All members agreed that any increases in Bank Rate would be expected to be at a gradual pace and to a limited extent.

BoE Hikes Key Rate to 0.5%
The Bank of England raised its benchmark Bank Rate by 25bps to 0.5 percent on November 2nd 2017, in line with market expectations, signalling the beginning of a gradual tightening process. It is the first rate increase in a decade after inflation stayed well above the 2 percent target for the eighth straight month in September amid a weaker sterling and higher energy prices. Policymakers said the inflation is expected to fall in 2018, conditioned on the gently rising path of the Bank Rate. The Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate but voted unanimously to maintain the stock of sterling non-financial investment-grade corporate bond purchases, financed by the issuance of central bank reserves, at £10 billion and the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion.Published on 2017-11-02

UK Interest Rates Likely to Rise Over Coming Months
The withdrawal of monetary stimulus is likely to be appropriate over the coming months, if the economy and price pressures keep growing, Bank of England Governor Mark Carney said in a speech at the IMF on Monday. Still, there are considerable risks to the UK outlook, which include the response of households, businesses and financial markets to developments related to the process of EU withdrawal, he added.Published on 2017-09-18

BoE Set to Raise Rates
The Bank of England voted by seven to two to keep the Bank Rate at a record low of 0.25 percent on September 14th, 2017, as widely expected, saying estimates of private final demand were softer than anticipated and underlying pay growth has shown some signs of recovery, albeit remaining modest. Still, policymakers agreed that some withdrawal of monetary stimulus is likely to be appropriate over the coming months if the economy continues to grow and underlying inflationary pressures persist. Published on 2017-09-14

BoE Holds Bank Rate at 0.25%
The Bank of England voted by six to two to keep the Bank Rate at a record low of 0.25 percent on August 3rd, 2017, as widely expected, saying GDP growth is expected to remain sluggish in the near term as the squeeze on households' real incomes continues to weigh on consumption. Also, the Committee voted unanimously to keep the stock of UK government bond purchases at £435 billion and the stock of sterling non-financial investment-grade corporate bond purchases at £10 billion. Meanwhile, the central bank cut its UK growth forecast for this year to 1.7 percent from an earlier estimate of 1.9 percent, while next year it predicts 1.6 percent growth compared to its previous 1.7 percent forecast.Published on 2017-08-03

BoE Leaves Key Rate At 0.25%
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UK Leaves Monetary Policy Unchanged
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UK Leaves Monetary Policy Unchanged
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UK Leaves Monetary Policy Unchanged
The Bank of England Monetary Policy Committee voted unanimously to hold the Bank Rate at a record low of 0.25 percent and to leave the stock of purchased assets at £435 billion on November 3rd, 2016, in order to meet the 2 percent inflation target, in a way that helps to sustain growth and employment. Meanwhile, the Committee has dropped its plans for another rate cut as the inflation rate is expected to rise way above the central bank's target over the next three years. Policymakers also said rates could move in either direction depending on changes to the economic outlook.Published on 2016-11-03

UK Holds Base Rate at Record Low of 0.25%
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UK Leaves Monetary Policy Unchanged
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BoE Leaves Rates on Hold
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The Bank of England Keeps Monetary Policy Unchanged
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BoE Leaves Rates Steady
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BoE Leaves Monetary Policy Unchanged
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BoE Cuts Growth Forecasts
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BoE Leaves Rate Steady at 0.5%
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BoE Holds Key Rate at Record Low
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Published on 2015-04-09

BoE Leaves Monetary Policy Unchanged
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BoE Shows Concerns Over Low Inflation
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BoE Holds Rates at Record Low
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BoE Voted Unanimously to Leave Rates on Hold
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BoE Holds Rates in January
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Bank of England Keeps Monetary Policy Unchanged
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BoE Cuts Inflation and Growth Forecasts
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BoE Leaves Rates at Record Low
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BoE May Raise Rates Sooner Than Expected
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BoE Leaves Monetary Policy Unchanged
At its September meeting, the Bank of England decided to leave the bank rate at 0.5 percent and the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.
Published on 2014-09-04

Bank of England Keeps Bank Rate at 0.5%
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BoE Leaves Monetary Policy Unchanged
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BoE Signals Rate Increase
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Bank of England Hints Rate Rise in 2014
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BoE Leaves Monetary Policy Unchanged
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BoE Says No Rush to Raise Rates
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Bank of England Keeps Rates on Hold
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BoE Leaves Rate Steady
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BoE Leaves Monetary Policy Unchanged
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Bank of England Drops Jobs Link With Interest Rate
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Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on February 6th to maintain Bank Rate at 0.5%. The Committee also voted to maintain the stock of purchased assets financed by the issuance of central bank reserves at £375 billion.Published on 2014-02-06

Bank of England Holds Bank Rate at 0.5%
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UK Monetary Policy Unchanged in December
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Bank of England Leaves Rates Unchanged in November
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Bank of England Keeps Policy Unchanged in October
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Bank of England Keeps Monetary Policy Unchanged
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BoE Holds Policy Unchanged in Gov Carney's First Meeting
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Published on 2013-07-04

Bank of England Keeps Monetary Policy Unchanged in June
In its June 6th meeting, the Bank of England’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.Published on 2013-06-06

Bank of England Monetary Policy Unchanged in May
The Bank of England’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.Published on 2013-05-09

Bank of England Keeps Monetary Policy Unchanged in April
The Bank of England’s Monetary Policy Committee voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5 percent. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.Published on 2013-04-04

Bank of England Keeps Monetary Policy Unchanged in March
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Bank of England Keeps Monetary Policy Unchanged in February
The Bank of England’s Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £375 billion.Published on 2013-02-07

Bank of England Keeps Monetary Policy Unchanged
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Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee on September 6th voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £375 billion, financed by the issuance of central bank reserves.Published on 2012-09-06

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on August 2nd, to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £375 billion, financed by the issuance of central bank reserves.Published on 2012-08-02

Bank of England Increases Size of Asset Purchase Programme by £50
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Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on May 10th to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £325 billion.Published on 2012-05-10

Bank of England Leaves Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on April 5th, to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £325 billion financed by the issuance of central bank reserves.Published on 2012-04-05

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on March 8th to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £325 billion financed by the issuance of central bank reserves. Published on 2012-03-08

Bank of England Holds Bank Rate and Increases QE
The Bank of England’s Monetary Policy Committee voted on February 9th to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £50 billion to a total of £325 billion.Published on 2012-02-09

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on January 12t to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £275 billion financed by the issuance of central bank reserves.Published on 2012-01-12

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on December 8th to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £275 billion financed by the issuance of central bank reserves.Published on 2011-12-08

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee voted on November 11, to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totaling £275 billion financed by the issuance of central bank reserves.Published on 2011-11-10

Bank of England Increases Size of Asset Purchase Programme
The Bank of England’s Monetary Policy Committee voted on October 2011 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to increase the size of its asset purchase programme, financed by the issuance of central bank reserves, by £75 billion to a total of £275 billion.Published on 2011-10-06

Bank of England Maintains Bank Rate at 0.5%
The Bank of England’s Monetary Policy Committee voted on September 8 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-09-08

Bank of England Keeps Monetary Policy Unchanged
The Bank of England’s Monetary Policy Committee decided on August 4 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-08-04

Bank of England Maintains Bank Rate at 0.5%
The Bank of England, held its key bank rate unchanged as fears about the economy’s ability to pull out of a slowdown in the face of austerity measures outweighed concerns about above-target inflation. Published on 2011-07-07

Bank of England Maintains Bank Rate at 0.5%
The Bank of England’s Monetary Policy Committee voted on June 9 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-06-09

Bank of England Maintains Bank Rate at 0.5%
The Bank of England’s Monetary Policy Committee voted on May 5 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-05-07

Bank of England Keeps Bank Rate Unchanged
The Bank of England’s Monetary Policy Committee voted on April 7 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-04-07

Bank of England Keeps Interest Rate at 0.5%
The Bank of England’s Monetary Policy Committee voted on March 10 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.
Published on 2011-03-10

Bank of England Maintains Bank Rate at 0.5%
The Bank of England’s Monetary Policy Committee voted on February 10 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-02-10

Bank of England Keeps Rates and QE Unchanged
The Bank of England’s Monetary Policy Committee voted on January 12 to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion.Published on 2011-01-13

Bank of England Leaves Rates and QE on Hold
The Bank of England’s monetary policy committee voted on November 4 to maintain its key rate at the 0.5 per cent level and to keep its £200bn programme of quantitative easing through gilt purchases on hold.Published on 2010-11-04

BOE Keeps Stimulus in Place to Aid Recovery
The Bank of England kept its bond- stimulus plan in place and left its benchmark interest rate at a record low as officials sustained emergency aid for the economy during the biggest budget squeeze since World War II.Published on 2010-08-05

Bank of England holds Course on Rates and QE
The Bank of England kept its bond- stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II.Published on 2010-07-08

Bank of England Keeps Stimulus Program
The Bank of England kept its bond- stimulus program in place and left its benchmark interest rate at a record low to aid the economy as Prime Minister David Cameron prepares the biggest budget cuts since at least the early 1980s. Published on 2010-06-10

Bank of England Holds Rates
The Bank of England kept interest rates at 0.5 percent and made no change to its asset purchase target, keeping in place stimulus measures designed to nurse the economy back to health.Published on 2010-05-10

BOE Keeps Record Stimulus in Place
The Bank of England kept its bond- purchase program unchanged for a third month as it tries to sustain the economy’s recovery from the deepest recession since World War II.
Published on 2010-04-08